Bank of Chain (BoC) Integrates Chainlink Price Feeds To Help Provide Accurate Market Data to BoC’s Yield-Generating Strategies

We’re excited to announce that Bank of Chain (BoC), a DeFi yield optimizer, has integrated Chainlink Price Feeds on Ethereum mainnet. By integrating the industry-leading decentralized oracle network, BoC has access to high-quality, tamper-proof price feeds needed to provide accurate price quotations for BoC smart contract functions such as mint, burn, rebase, and asset valuation in BoC’s underlying strategies. This will provide our users with stronger assurances that BoC’s yield-generating strategies are underpinned by real-world market prices, making them more resilient to common oracle manipulation schemes.

Chainlink’s use of volume-weighted average price (VWAP) methodology will help protect BoC smart contract interfaces from oracle price attacks. These attacks often target low-liquidity markets, intending to manipulate a small subset of an asset’s underlying market. However, VWAP guards against this by reporting the overall market-wide price, making it difficult for attackers to influence the price and safeguarding all BoC users.

Our initial integration involves the use of the following Chainlink Price Feeds: ETH/USD, DAI/USD, USDT/USD, USDC/USD, BUSD/USD, EUR/USD, KRW/USD, AUD/USD, GBP/USD, CHF/USD, JPY/USD, MIM/USD, TUSD/USD, USDP/USD, LUSD/USD, GUSD/USD, SUSD/USD, and STETH/ETH. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.

BoC operates as a yield aggregator, where BoC strategies help users allocate their funds to third-party DeFi protocols that generate yield, aggregating returns from various sources. Our platform connects to rigorously selected protocols in the cryptocurrency ecosystem, including automated market makers (AMMs), lending protocols, and yield aggregators, among others. By accessing these high-quality protocols and utilizing smart strategies, BoC can offer 4–5% higher APY than other similar DeFi yield-aggregating protocols with minimal risk.

As a decentralized protocol on Ethereum, BoC presents the following essential bank functions:

• Sustainable interest-bearing vaults for both fiat and crypto (developed).
• Asset management with private-bank-level reporting and performance analysis (developed).
• Self-serve lending and over-collateralized borrowing (in development).
• Seamless international payments and foreign exchange (easily achievable with current blockchain infrastructure).
• Fiat on-ramp (available through third-party providers such as PayPal and Silvergate Bank).
• Future plans for insurance, synthetic stock trading, and other advanced DeFi functions.

In order to help secure certain smart contract functions in our yield-generating strategies with high-quality market data, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.

After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:

• High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that are aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more precise global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
• Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
• Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
• Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.

With a BNB Chain integration planned in our roadmap, BoC is indeed interested in expanding to other chains in the future. With this in mind, we will consider implementing additional Chainlink Price Feeds as we continue to build out our platform in the future.

“Incorporating Chainlink Price Feeds is crucial for BoC, as Chainlink provides secure, reliable, and accurate market data for BoC’s yield-generating strategies.” — Xiaotian Zhang, Founder of BoC

About Chainlink

Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.

About Bank of Chain (BoC)

Bank of Chain (BoC) is a decentralized finance (DeFi) platform that offers users a secure and sustainable way to manage their wealth on the blockchain. Aiming to become a community-owned neo-bank based on blockchain, BoC provides DeFi users with a secure and sustainable return on investment. As a DeFi protocol, we offer a low-risk option for depositing stablecoins (such as USDC, USDT, and DAI) or ETH. Our platform is user-friendly and suitable for both experienced and new DeFi users.

To learn more about BoC, visit our website at bankofchain.io or read our documentation at docs.bankofchain.io. If you are interested in integrating with our platform, please contact the BoC team at contact@bankofchain.io.